StageZero Life Sciences Announces Q4 and Full Year 2019 Results and Provides Progress Update
TORONTO, ON / ACCESSWIRE / May 20, 2020 / StageZero Life Sciences (TSX:SZLS) (”StageZero” or the ”Company”) today announced operational and financial results for the three-month and twelve-month periods ended December 31, 2019 and provided a progress update on its business.
Full Year 2019 saw consolidation of the business under the StageZero Life Sciences banner and the building out of key commercialization infrastructure that will prove critical in 2020.
During 2019, the Company achieved the following:
- Closed $5.2 Million (CDN) in private placements
- Reached key operational milestones in preparing for the scale up and associated validation of Aristotle™
- Successfully launched a sophisticated telehealth offering
- Launched a high performing marketing campaign to build awareness & attract thousands of patients to our platform
- Signed a distribution contract with Oncore Pharma for countries outside of North America.
- Oncore signed their first agreement with BodyCheckNL to distribute ColonSentry in Benelux (Belgium, Netherlands, Luxembourg)
- Engaged with a large healthcare system
- Expanded U.S. salesforce through a contract with Coastal Medical
- Continued with successful testing of First Responders
“The world as we know it changed radically in December 2019. Our way of doing business in 2020 and for the foreseeable future requires a different structure. StageZero, fortunately, has this different structure” commented James Howard-Tripp, Chairman and CEO, StageZero Life Sciences. “Most physician offices are closed; patients are ‘social distancing’ at home, yet they still need and want care. Virtual medicine has become the means by which to interact with telehealth systems coming of age. To get specimen collection for lab tests to be done requires phlebotomists that will come to you, safely. We have been building these systems for the last two years. They are now invaluable.”
StageZero, has responded to the request that we join the COVID-19 testing initiative by offering PCR, and antibody tests. At the same time we continue to offer much needed cancer testing for early cancer identification. The pivot to offering COVID-19 testing is a significant challenge, but also a very large opportunity for StageZero, and we have initiated testing with an ability to offer in excess of 1,000 tests per day. We will increase this capacity over the next several weeks.
The Company is attracting many new customers, in many new and diverse business segments, but consistent with the commercial strategy we have been following. Estimates have COVID-19 being a significant issue for at least the next 18-24 months and we are committed to test as required. However, even in unprecedented times, cancer does not stop, and the need for screening for cancer and its early detection remain. The CDC estimates that cancer will be the #1 cause of death in the US this year (2020). Introduction of Aristotle™, our pan-cancer test for 10, discrete cancers from a single sample of blood is therefore of the utmost importance. The program remains on track for introduction by year end. Aristotle was recently selected for online publication at the annual meeting of the American Society of Clinical Oncology (ASCO) which will take place virtually at the end of May.
Q4 2019 Financial Results
All amounts are expressed in U.S. dollars unless otherwise stated and results are reported in accordance with International Financial Reporting Standards.
For the three-month period ended December 31, 2019, we reported revenue of $0.05 million and a consolidated net income of $0.7 million, or $0.00 loss per common share, as compared with revenue of $0.07 million and a consolidated net income of $0.2 million, or $0.00 loss per common share, for the three-month period ended December 31, 2018. The $0.7 million increased income results from the $1.7 million impact of the change in fair value of warrants, $0.1 million change in fair value of conversion liability, and the $0.3 million change in finance costs offset by $0.3 million impact of costs of goods sold, the $1.1 million impact of general and administrative costs.
During the fourth quarter of 2019, we received financing to support the roll-out into our Four Primary Growth Area initiatives including: small independent practices, high-risk populations/employers, telemedicine and large healthcare systems.
2019 Financial Results
All amounts are expressed in U.S. dollars unless otherwise stated and results are reported in accordance with International Financial Reporting Standards.
For the year ended December 31, 2019, we reported revenue of $0.1 million and a consolidated net loss of $3.5 million, or $0.02 loss per common share, as compared with revenue of $0.2 million and a consolidated net loss of $3.7 million, or $0.02 loss per common share, for the year ended December 31, 2018. The $0.2 million decreased loss results from the $0.9 change in the gain on revaluation of warrants, $0.2 decrease in cost of goods sold, offset by $0.7 change in general and administrative costs and $0.2 change in finance costs.
The Company’s financial statements and management’s discussion and analysis are available on www.sedar.com.
About StageZero Life Sciences, Ltd.
StageZero Life Sciences is dedicated to the early detection of multiple disease states through whole blood. The Company operates a CAP accredited and CLIA certified high complexity reference laboratory based in Richmond, Virginia. A specialist in PCR testing for the early identification of Cancer through blood, the Company is uniquely positioned to provide both COVID PCR testing (nasal swab) and blood test analysis (Antibody testing). Our full service, telehealth platform includes access to physicians and phlebotomist who can prescribe and draw samples for individuals and groups. As we provide COVID-19 test during this Pandemic, we continue making progress with our mission to eradicate late stage cancers through early detection. Our next generation test, Aristotle®, is a multi-cancer panel for simultaneously screening for 10 cancers from a single sample of blood with high sensitivity and specificity for each cancer. www.stagezerolifesciences.com
Forward-Looking Statements
This press release contains forward-looking statements identified by words such as “expects”, “will” and similar expressions, which reflect the Company’s current expectations regarding future events. The forward-looking statements involve risks and uncertainties that could cause the Company’s actual events to differ materially from those projected herein. Investors should consult the Company’s ongoing quarterly filings and annual reports for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements, except as required by law.
Company Contacts:
James R. Howard-Tripp
Chairman & CEO
jht@stagezerols.com
Tel: 1-855-420-7140 Ext. 1
Rebecca Greco
Investor Relations
rgreco@stagezerols.com
Tel: 1-855-420-7140 Ext. 1838
SOURCE: StageZero Life Sciences Ltd
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